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CBS Morning News

News/Business. Betty Nguyen. News reports on current events. New. (CC) (Stereo)

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00:30:00

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U.s. 9, Obama 5, Rupert Murdoch 4, Yum 4, Britain 4, New York 4, Pakistan 3, Los Angeles 3, Jaycee Dugard 2, Murdoch 2, William 2, Letterman 2, Elizabeth Palmer 2, Sandra Hughes 2, Cbs 2, Neutrogena 2, Resolve High Traffic Foam 2, Ashley Morrison 2, Terrell Brown 2, Joel Brown 2,
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  CBS    CBS Morning News    News/Business. Betty Nguyen. News  
   reports on current events. New. (CC) (Stereo)  

    July 11, 2011
    4:30 - 5:00am EDT  

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debt deadlock, the clock is ticking but negotiations remain stalled over a deal to raise the debt ceiling. tour boat tragedy. more than 100 missing, including dozens of children after a crowded cruise ship capsizes in russia. and headed home, the duke and duchess of cambridge wrap up their royal tour with a visit to inner city l.a. captioning funded by cbs >> and good morning, everyone. appreciate you joining us. i'm terrell brown in for betty nguyen. congress has raised the debt ceiling 102 times since 1917, including ten times in the last
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decade alone but this time is proving to be the most difficult and politically divisive. president obama and congressional leaders will talk again today after a rare sunday night meeting. the two sides have yet to agree on the size of a deal or what it will entail. joel brown is in washington with more. joel, good morning. >> terrell, good morning to you. sunday night's session at the white house lasted about 75 minutes and we're told president obama used much of that time remaking his case for a bigger deal on the debt limit. this morning, though, still no agreement, except to keep talking. president obama plans to sit down with congressional leaders today and every day until a debt deal gets done. the sides met in a rare sunday night session but reportedly made very little progress, if any. the president wants lawmakers to accept a $4 trillion deficit reduction plan but republicans rejecting all tax hikes associated with it, instead pushing for smaller $2 trillion measure. >> a big package would require big tax increases in the middle
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of an economic situation that's extraordinarily difficult with 9.2% unemployment. we think it's a terrible idea. it's a job killer. >> reporter: even some democrats are raising concerns about the president's plan especially cuts to medicare and other social services. >> we said we're not going to end the medicare guarantee. >> reporter: president obama scheduled a news conference this morning before he meets with lawmakers. he's expected to stress a deal must be reached within a week and a half for the u.s. to avoid its first ever default. >> the president made it clear he's willing to do very difficult things for him, for his party but the republicans have to do some things, too. >> reporter: if a deal to raise the debt ceiling is not approved by august 2nd, the treasury department says the government will run out of money to pay its bills and the new head of the international monetary fund warns the impact could be felt worldwide. >> interest hikes, stock markets taking a huge hit and real nasty consequences.
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>> reporter: as negotiations drag on, credit agencies are threatening to downgrade america's perfect credit rating. despite the approaching deadline and doomsday predictions, investors do not seem worried yet that congress will actually let the u.s. default on its loans. terrell, interest rates on u.s. debt remain near historic lows. >> joel brown in washington for us this morning, thank you so much. here's the deal, if a deal isn't reached in time the government will no longer be able to borrow money. that means painful decisions about who gets paid and who doesn't. a recent report from the bipartisan policy center says in august the treasury department has to make $306 billion in payments but it will only take $172 billion. under one scenario, that's enough to pay interest on the debt, social security, medicare and medicaid, also defense contractors and unemployment benefits, but there would be no money left for active duty military personnel, all kinds of federal workers, and a slew of other programs.
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president obama will hold a press conference today on the stalled debt talks. you can see it right here, 11:00 a.m. eastern on cbs. in other news, seven members of the same family were killed when their small plane crashed in western alabama. the plane was en route from st. louis to florida when one of its engines failed saturday night. the pilot, his wife and their five young children were on board. they crashed trying to land 30 miles from the mississippi border. turning overseas now to russia, where there's a search, a desperate search for survivors following a cruise boat accident. the ship was on a scenic trip on the volga river, 450 miles east of moscow. the two-deck boat was overloaded carrying as many as 185 people. it's only certified to carry 120. officials say 80 passengers were rescued. at least nine are confirmed dead, over 100 others are missing, including dozens of children. the boat sank in 65 feet of water. the cause is under investigation. in cypress at least ten people are feared dead in a massive explosion at a navy base. the blast was so big it damaged
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homes and villages near the base. the main electric power station on the island was also knocked out by the explosion. the obama administration is suspending aid in $800 million to pakistan's military. the money represents 40% of the $2 billion in u.s. aid to pakistan. according to "new york times" it includes money for aid. >> the pakistani relationship is difficult but it must be made to work over time, but until we get through these difficulties we will hold back some of the money that the american taxpayers have committed to give. >> another senior u.s. official said the aid's spengs was in responses to pakistan's decision to reduce the number of visas for the u.s. military. defense secretary leanne panetta said he will urge leaders to do more about pursuing military groups. he arrived in baghdad yesterday
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and 46,000 troops remain in iraq and scheduled to depart by the end of this year. britain's defunct "news of the world" tabloid it's reported may have hacked into the phones of 9/11 victims. "news of the world" reporters said they would pay him to get the private numbers of 9/11 victims, he declined. the last issue of the 168-year-old paper rolled off the presses yesterday, brought down by a growing hacking scandal. several staffers face jail time, meanwhile rupert murdoch the paper' owner is deep in damage control. elizabeth palmer reports. >> reporter: rupert murdoch arrived in london, conspicuously reading a copy of his notorious cameras, then smiled for the cameras as he went out for dinner with rebekah brooks his embattled ceo. the scandal has cost him one of his most profitable papers. staff leaving "news of the
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world" for the last time put a brave face on the murdoch decision to shut it down. the "news of the world" was the best selling newspaper in britain, a cheeky blend of skin, scandal and gotcha journalism, scarily aimed at british working people who enjoyed seeing the rich and the powerful taken down a peg or two, but not families touched by grief. the "news of the world" is under police investigation for hacking into voice mails belonging to relatives of fallen soldiers and a murdered teenager. journalists also hacked into the phones of celebrities who found out and sued. it was james, rupert murdoch's son and heir apparent who authorized a reported million-dollar out of court settlement to at least one of the hacking victims. this week, he admitted it was a mistake. >> i acted on the advice of executives and lawyers within complete investigation and
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that's a matter of real regret for me personally. >> reporter: in fact it raises dangerous questions for the murdoch empire which includes fox news, the "wall street journal" and "the new york post." murdoch biographer michael wolff. >> james murdoch wrote the initial checks to the people who were suing the company and the question that investigators are asking now, are they settlement checks or are they hush money checks? >> reporter: only a week ago, rupert murdoch and his powerful family business looked unassailable. not anymore. elizabeth palmer, cbs news, london. coming up on the "morning news" this morning, "atlantis" may be forced to take safety maneuvers. plus an emotional jaycee dugard talks for the first time about her experience of being held as a sex slave.
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it was up and over. space shuttle "atlantis" performed a back flip sunday, 240 miles above earth. minutes later "atlantis" docked with the international space station, the 46th and final time the two spaceships will meet. the shuttle crew will spend more than a week aboard the station but amid the celebration some concern. nasa is worried about a piece of space junk that could come dangerously close tomorrow. it's right when a space walk is planned. the decision will be made today whether the ships will have to move out of harm's way. jaycee dugard is speaking out about being held captive for more than 12 years. she was kidnapped in 1991 when she was 11 years old. she said she was zapped with a stun gun when she walked to the school bus. she said she woke up on the floor of a car. >> after we were driving i heard the driver say "i can't believe we got away with it" and i heard them laughing. i think i blacked out again.
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it was like the most horrible moment of your life times ten. >> dugard's book about her experience, "a stolen life" is out tomorrow. "cbs moneywatch" on this money, get ready for more pain at the pump and meet the ten million mile man. ashley morrison in new york good morning to you. >> good morning to you, terrell. a down day for the asian markets. tokyo's nikkei dropped a fraction fraction and hang sang fell almost 2%. on wall street this week the focus is on corporate earnings. alcoa the first to report profits today with google and jpmorgan chase slated for later on in the week. last week stocks managed to stay on the upside despite friday's dismal jobs report. the dow gained 0.5 and the nasdaq more than 1.5%. expect gas prices to pull a u-turn. according to the lundberg survey the national average is $3.62 a
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gallon, down a penny in the past two weeks but they're up recently in many areas. gas is following the price of crude which has risen in recent weeks despite the government's tapping of the oil reserves. many analysts now believe we're once again headed toward $4 a gallon. at the movies "transformers 2" ruled again, the sequel "dark of the moon" took in $47 million in ticket sales to take the top spot for the second week in a row and cemented its place as 2011's biggest hit so far, behind "trance transformers" "horrible bosses" second place and "zookeepers" coming in third. united airlines nominated thomas stiker this weekend, flown more than 10 million miles on the carrier, that's enough to circle the earth 400 times. it took him 29 years and almost 6,000 flights and terrell, probably a lot of peanuts involved as well.
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>> peanuts and crackers and juice. >> yes. >> ashley morrison here in new york, good to see you this morning. thank you so much. coming up, we'll have your monday morning weather and in sports, a soccer shocker. the u.s. battles brazil for a trip to the world cup semifinals. "cbs moneywatch," sponsored by blade close, lectric shave. "cbs moneywatch," sponsored by blade close, lectric shave. [ female announcer ] ever wish vegetables didn't taste so vegetably? well, v8 v-fusion juice gives you a full serving of vegetables, plus a full serving of fruit. but it just tastes like fruit. and try our deliciously refreshing v8 v-fusion + tea.
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here's a look at the weather in some cities around the country. partly cloudy, 91 in new york. 90 and partly cloudy in miami. 93 with thunderstorms in chicago. 100, sunny in dallas. 80 and sunny in los angeles. time for a check of the national forecast. latest satellite pictures shows clear skies along the west coast and southern plains. storms in the southwest and in the central plains. later today, heavy rains will hammer the eastern rockies all the way to ohio. the northeast will get hotter and more humid and the southern plains are scorching, temperatures in the 90s and 100s. in sports this morning, talk about drama, the world cup u.s. women's team never gave up, now they're in the u.s. semifinals here. the u.s. was down a player against brazil, then an incredible header by abby wambach in the 120th minute. game tied at two, during the penalty kick, an amazing save, and alli krieger scores the
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goal, a come from behind win. baseball no love loss between the red sox and orioles in boston in the fifth. boston kyle wiler tossed after hitting guerrero on the hand, next inning gonzalez throwing behind hitting ortiz, red sox beat baltimore 10-3. yankees alex rodriguez surgery on his right knee today. a-rod expected to be out of the lineup for six weeks. riders on the tour de france are bad and bleeding after one of the worst accidents ever. watch this, a car sideswipes a rider, sent them sprawling into a barbed wire fence, happened during the ninth stage, amazingly both men escaped serious. sanchez wins after a sprint to the finish.
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when we come back another look at this morning's top storied and a royal treat for veterans and inner city kids. a look back at prince william and kate's royal tour. [ sniffs ] bacon?! gotta get that bacon! bacon?! bacon! smokey bacon, meaty bacon, tasty bacon! bacon? ohh, la, la... oh, i say, is that bacon?! oh, good heavens! bacon! bacon! bacon! bacon! who wants a beggin' strip? meee! i'd get it myself but i don't have thumbs! yum, yum, yum, yum, yum... it's bacon!!! mmmmm...i love you. i love bacon. i love you. i love bacon. i love you. [ male announcer ] beggin' strips! there's no time like beggin' time. and introducing beggin' thick cut. [ hero dog ] i'm gonna need a bigger mouth! to stay healthy. but did you know fiber choice can help support your overall well-being? every tasty tablet has prebiotic fiber from fruits and veggies... that lets your good bacteria thrive and helps support your immune system. fiber choice.
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on the "cbs morning news," here's a look at today's weather. it will be stormy across much of the nation, hail and high winds expected from the eastern rockies to the ohio river valley. monsoon conditions will flair up in the southwest. scattered thunderstorms will crisscross across the southeast. here's another look at this morning's top stories on monday. president obama and congressional leaders have yet to agree on the size or components of a debt reduction plan. they met last night and will meet again today. before they meet the president will hold a nationally televised press conference. and stop the presses. after 168 years done in by a hacking scandal the final edition of britain's "news of the world" was published yesterday. there were reports the paper tried to hack into the phones of 9/11 victims.
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a 22-year-old man has been arrested for trying to break into the theater where david letterman tapes "the late show." he smashed into the windows and parts of the lobby were trashed. letterman's set was undamaged. letterman says he will tape the show today. the duke and duchess of cambridge returned to britain this morning. prince william and kate wrapped up their trip to los angeles yesterday and boarded the plane home. their final day began with an unscheduled stop. sandra hughes reports. >> reporter: it was an unexpected treat for neighbors gathered around the british consul general's house. the princess and her prince chatted up the crowd, fielding some odd questions. >> did you come to buy our dog? >> sadly no. maybe next time. >> reporter: it was a thrill. >> it was fantastic. i'm in tears. >> she asked her name and shook both of our hands. >> she was so friendly and so
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gracious. ♪ >> reporter: at inner city arts, they found the beat in one of l.a.'s grittiest neighborhoods, skid row. the streets of l.a.'s skid row are not lined with royal watchers. this is where thousands of homeless fight for survival. not a glimpse of royalty, but royal hand prints put the spotlight on these needy kids, who didn't seem as star instruct as the adults. one gave a gentle scolding to the prince for not putting on his apron on. >> this is an officer who needs no introduction. >> reporter: the last stop on the royal trip was inside sony studios for an event promoting jobs for veterans. >> this is the last event on our tour of north america, but to my mind, it is one of the seriously most important. this is because it is about men and women who, of their own free will, choose to put their life on the line for their country. >> reporter: a busy weekend for the young newlyweds but they have a long flight home to rest. sandra hughes, cbs news, los angeles. this morning on "the early show" the latest on the stalled talks to raise the nation's debt
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ceiling and an inside look at the nfl lockout. i'm terrell brown. this is the "cbs morning news." ñ [ female announcer ] now, give dry, damaged hair a whole new life! with aveeno nourish plus moisturize. active naturals wheat formulas target and help repair damage in just 3 washes. for softer, stronger... ... hair with life. [ female announcer ] nourish plus. only from aveeno. for softer, stronger... ... hair with life. [ dramatic soundtrack plays ] whoa! man: what is that? i don't know, but it burns! it's like fire. woman: ow, ow! i can't see. man: it's singeing me! it's the sun.
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the planet is coming in, no stars. well, let's take a look at the first warning doppler weather radar. here's what we're seeing. it's a clear scan. we're looking for sunshine and temperatures in the 90s. here's what we have our eye on you today. funeral services are set today for the texas ranger's fan who fell 20 feet from the stands trying to catch the ball. talking war, they're calling out iran for supplying
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weapons to extremists. and the 9/11 memorial is taking reservations were 9/11. a woman is beaten to death and several are shot and a live update on the investigations. and so much for relief at the pump. why are gas prices going back up? an iraq war veteran falls off of a roller coaster to his death. the family says that the theme the family says that the theme park is not to blame. ,, the midwestern meat and potato sandwich. where french fries and meat, meet
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